European markets declined amid Irish debt concerns and the potential for Chinese rate hikes to fight off inflation.

US stocks were off 1 percent after five straight weekly gains as commodity and energy shares took a beating on concerns that changes in Chinese monetary policy might slow the pace of its voracious appetite for raw materials.

Oil prices slumped more than 3 percent on Friday, retreating from a 25-month high.

In the UAE, property stocks led a decline as Dubai developer Emaar Properties slipped 0.8 percent and builder Arabtec dropped 1.6 percent, bringing down the broader index by 0.3 percent.

“The selling pressure continued in the UAE,” said Haissam Arabi, chief executive and fund manager at Gulfmena Alternative Investments. “The markets are already down but they are reacting to global factors. This pressure will continue as regional markets take the cue from international bourses.”

Abu Dhabi heavyweight Aldar Properties bucked the trend, despite reporting its fourth straight quarter loss last week. Aldar gained 2.7 percent, reaching its highest value since Nov. 9. The broader index dropped 0.4 percent.

Egypt’s index was weighed down by Orascom Telecom (OT), after Algeria’s telecoms minister said his government has not changed its position on OT’s Algerian unit Djezzy, which it wants to buy.

Orascom fell 1.5 percent to its lowest since March 2009 and the benchmark closed lower by 0.3 percent. The dispute over its Algerian unit makes a $6.6 billion deal with Russia’s Vimpelcom less likely.

However, traders were hopeful that the markets will open on a positive note after Eid Al-Adha.

“Since most institutional investors are on holidays, we should expect the market to rise after Eid,” said Osama Mourad of Arab Finance Brokerage.

“Gains will really be across the board, but with focus on financials, building materials and real estate and housing.”

Qatar’s benchmark was the only one to record gains in the region as it ended slightly higher helped by the banking and telecom sector. Qatar Telecom gained 1.1 percent and Qatar National Bank added 0.8 percent, lifting the index by 0.1 percent.

UAE and Qatar markets will resume trading on Nov. 21, while Kuwait will open on Nov. 18.